Rosneft and ExxonMobil to Join Forces for Development of Arctic and
Black Sea Resources, Expand Technology Sharing and Implement Joint
International Projects

US $3.2 billion exploration program planned for Kara Sea and Black Sea

Establishment of a joint Arctic Research and Design Center for
Offshore Development in St. Petersburg

Rosneft participation in ExxonMobil projects in the U.S. and other
countries with a focus on building offshore and tight oil expertise

Joint operations to develop Western Siberia tight oil resources

Companies form partnership to undertake projects in the Russian
Federation and internationally

SOCHI, Russia--(BUSINESS WIRE)--Rosneft and ExxonMobil have executed a Strategic Cooperation Agreement
under which the companies plan to undertake joint exploration and
development of hydrocarbon resources in Russia, the United States and
other countries throughout the world, and commence technology and
expertise sharing activities.

The agreement, signed by Rosneft President Eduard Khudainatov and
ExxonMobil Development Company President Neil Duffin in the presence of
Russian Prime Minister Vladimir Putin, includes approximately US $3.2
billion to be spent funding exploration of East Prinovozemelskiy Blocks
1, 2 and 3 in the Kara Sea and the Tuapse License Block in the Black
Sea, which are among the most promising and least explored offshore
areas globally, with high potential for liquids and gas.

In the course of these projects, the companies will use global best
practices to develop state-of-the-art safety and environmental
protection systems.

The agreement also provides Rosneft with an opportunity to gain equity
interest in a number of ExxonMobil’s exploration opportunities in North
America, including deep-water Gulf of Mexico and tight oil fields in
Texas (USA), as well as additional opportunities in other countries. The
companies have also agreed to conduct a joint study of developing tight
oil resources in Western Siberia.

The companies will create an Arctic Research and Design Center for
Offshore Developments in St. Petersburg, which will be staffed by
Rosneft and ExxonMobil employees. The center will use proprietary
ExxonMobil and Rosneft technology and will develop new technology to
support the joint Arctic projects, including drilling, production and
ice-class drilling platforms, as well as other Rosneft projects.

“We have a clear vision for Rosneft’s strategic direction – building
world-class expertise in offshore business and enhancing oil recovery,”
said Rosneft president Eduard Khudainatov, following the signing
ceremony. “The partnership between Rosneft with its unique resource
base, and the largest and one of the most highly capitalized companies
in the world reflects our commitment to increasing capitalization of our
business through application of best-in-class technology, innovative
approach to business management, and enhancement of our staff potential.
This venture comes as a result of many years of cooperation with
ExxonMobil and brings Rosneft into large scale world-class projects,
turning the company into a global energy leader."

ExxonMobil Development Company President Neil Duffin said: "Today's
agreement with Rosneft builds on our 15-year successful relationship in
the Sakhalin-1 project. Our technology, innovation and project execution
capabilities will complement Rosneft’s strengths and experience,
especially in the area of understanding the future of Russian shelf
development.”

Rex Tillerson, chairman and chief executive officer of Exxon Mobil
Corporation (NYSE:XOM), who attended the ceremony, said ExxonMobil will
benefit Russian energy development by working closely with Rosneft.

“This large-scale partnership represents a significant strategic step by
both companies,” said Tillerson. “This agreement takes our relationship
to a new level and will create substantial value for both companies.”

The agreement provides for constructive dialogue with the Russian
Federation government concerning creation of a fiscal regime based on
global best practices.

Additionally Rosneft and ExxonMobil will implement a program of staff
exchanges of technical and management employees which will help
strengthen the relationships between the companies and provide valuable
career development opportunities for personnel of both companies.

NOTE TO EDITORS:

The East Prinovozemelskiy License Blocks have a total area of 126,000
square kilometers (30 million acres) in water depths ranging between 50
and 150 meters (165 feet and 500 feet). Tuapse Block in the Black Sea
has the total area of 11,200 square kilometers (2.8 million acres) and
water depths ranging from 1,000 to 2,000 meters (3,300 feet and 6,500
feet). Rosneft equity interest in both joint ventures will be 66.7 per
cent, while ExxonMobil will hold 33.3 per cent.

CAUTIONARY NOTE:

Statements of future events and conditions in this release are
forward-looking statements. The Strategic Cooperation Agreement
represents a binding outline of terms. Closing of the transactions
contemplated by the agreement is subject to execution of definitive
final agreements and other customary conditions. Actual future results,
including potential costs and benefits realized by the parties as a
result of the agreement, could differ materially depending on the
outcome of future negotiations; the actions of governmental authorities
and regulators, including legal and legislative uncertainties; the
outcome of exploration programs; changes in prices and other market and
economic factors affecting the oil and gas industries; future
technological developments; other technical and operating factors;
actions of competitors; and other factors discussed under the heading
“Factors Affecting Future Results” on the Investors page of ExxonMobil’s
website at exxonmobil.com.

Recent Stories

IRVING, Texas--(BUSINESS WIRE)--ExxonMobil Announces Tom Walters to Retire, Neil Duffin to be President of ExxonMobil Production Company; Liam Mallon to be President of ExxonMobil Development Company. more »

Release Versions

Rosneft and ExxonMobil to Join Forces for Development of Arctic and
Black Sea Resources, Expand Technology Sharing and Implement Joint
International Projects

US $3.2 billion exploration program planned for Kara Sea and Black Sea

Establishment of a joint Arctic Research and Design Center for
Offshore Development in St. Petersburg

Rosneft participation in ExxonMobil projects in the U.S. and other
countries with a focus on building offshore and tight oil expertise

Joint operations to develop Western Siberia tight oil resources

Companies form partnership to undertake projects in the Russian
Federation and internationally

SOCHI, Russia--(BUSINESS WIRE)--Rosneft and ExxonMobil have executed a Strategic Cooperation Agreement
under which the companies plan to undertake joint exploration and
development of hydrocarbon resources in Russia, the United States and
other countries throughout the world, and commence technology and
expertise sharing activities.

The agreement, signed by Rosneft President Eduard Khudainatov and
ExxonMobil Development Company President Neil Duffin in the presence of
Russian Prime Minister Vladimir Putin, includes approximately US $3.2
billion to be spent funding exploration of East Prinovozemelskiy Blocks
1, 2 and 3 in the Kara Sea and the Tuapse License Block in the Black
Sea, which are among the most promising and least explored offshore
areas globally, with high potential for liquids and gas.

In the course of these projects, the companies will use global best
practices to develop state-of-the-art safety and environmental
protection systems.

The agreement also provides Rosneft with an opportunity to gain equity
interest in a number of ExxonMobil’s exploration opportunities in North
America, including deep-water Gulf of Mexico and tight oil fields in
Texas (USA), as well as additional opportunities in other countries. The
companies have also agreed to conduct a joint study of developing tight
oil resources in Western Siberia.

The companies will create an Arctic Research and Design Center for
Offshore Developments in St. Petersburg, which will be staffed by
Rosneft and ExxonMobil employees. The center will use proprietary
ExxonMobil and Rosneft technology and will develop new technology to
support the joint Arctic projects, including drilling, production and
ice-class drilling platforms, as well as other Rosneft projects.

“We have a clear vision for Rosneft’s strategic direction – building
world-class expertise in offshore business and enhancing oil recovery,”
said Rosneft president Eduard Khudainatov, following the signing
ceremony. “The partnership between Rosneft with its unique resource
base, and the largest and one of the most highly capitalized companies
in the world reflects our commitment to increasing capitalization of our
business through application of best-in-class technology, innovative
approach to business management, and enhancement of our staff potential.
This venture comes as a result of many years of cooperation with
ExxonMobil and brings Rosneft into large scale world-class projects,
turning the company into a global energy leader."

ExxonMobil Development Company President Neil Duffin said: "Today's
agreement with Rosneft builds on our 15-year successful relationship in
the Sakhalin-1 project. Our technology, innovation and project execution
capabilities will complement Rosneft’s strengths and experience,
especially in the area of understanding the future of Russian shelf
development.”

Rex Tillerson, chairman and chief executive officer of Exxon Mobil
Corporation (NYSE:XOM), who attended the ceremony, said ExxonMobil will
benefit Russian energy development by working closely with Rosneft.

“This large-scale partnership represents a significant strategic step by
both companies,” said Tillerson. “This agreement takes our relationship
to a new level and will create substantial value for both companies.”

The agreement provides for constructive dialogue with the Russian
Federation government concerning creation of a fiscal regime based on
global best practices.

Additionally Rosneft and ExxonMobil will implement a program of staff
exchanges of technical and management employees which will help
strengthen the relationships between the companies and provide valuable
career development opportunities for personnel of both companies.

NOTE TO EDITORS:

The East Prinovozemelskiy License Blocks have a total area of 126,000
square kilometers (30 million acres) in water depths ranging between 50
and 150 meters (165 feet and 500 feet). Tuapse Block in the Black Sea
has the total area of 11,200 square kilometers (2.8 million acres) and
water depths ranging from 1,000 to 2,000 meters (3,300 feet and 6,500
feet). Rosneft equity interest in both joint ventures will be 66.7 per
cent, while ExxonMobil will hold 33.3 per cent.

CAUTIONARY NOTE:

Statements of future events and conditions in this release are
forward-looking statements. The Strategic Cooperation Agreement
represents a binding outline of terms. Closing of the transactions
contemplated by the agreement is subject to execution of definitive
final agreements and other customary conditions. Actual future results,
including potential costs and benefits realized by the parties as a
result of the agreement, could differ materially depending on the
outcome of future negotiations; the actions of governmental authorities
and regulators, including legal and legislative uncertainties; the
outcome of exploration programs; changes in prices and other market and
economic factors affecting the oil and gas industries; future
technological developments; other technical and operating factors;
actions of competitors; and other factors discussed under the heading
“Factors Affecting Future Results” on the Investors page of ExxonMobil’s
website at exxonmobil.com.

Recent Stories

IRVING, Texas--(BUSINESS WIRE)--ExxonMobil Announces Tom Walters to Retire, Neil Duffin to be President of ExxonMobil Production Company; Liam Mallon to be President of ExxonMobil Development Company. more »